BMO Harris Bank Announces Minimum Base Pay Increase, Bringing Hourly Pay to $20

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BMO Harris Bank announced an increase in its minimum hourly wage to $20 starting August 7, 2022. This is the second raise in under a year, following a rise to $18 in October 2021. The increase applies to both new and current employees earning below this threshold. Additionally, a 3% pay raise was also implemented in June 2022 for most staff. BMO aims to offer competitive compensation and enhance its employee benefits to attract and retain talent, reinforcing its commitment to employees' financial wellbeing.

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• Minimum wage increased to $20 per hour, enhancing employee compensation.
• Second wage increase in less than a year, indicating commitment to financial wellbeing.
• Additional 3% base pay rise for most employees in June 2022.
• Robust Total Rewards Program includes incentives and professional advancement opportunities.

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• None.

The bank's second minimum pay increase in less than one year reinforces BMO's commitment to employees' financial progress alongside its customers and communities

CHICAGO, July 11, 2022 /PRNewswire/ - BMO Harris Bank today announced it will raise its minimum hourly wage for full- and part-time branch and Customer Contact Center colleagues to $20 per hour beginning Aug. 7, 2022 as part of the bank's ongoing commitment to the financial wellbeing of employees. The increase impacts both new hires and current team members who earn below the new minimum base pay for their position.

This is the second minimum hourly wage increase in just 10 months after the bank raised its hourly base pay to $18 per hour in October 2021. The bank also raised base pay by 3% for a majority of its employees – including those impacted by today's increase announcement – in June of this year. The pay increases reflect BMO's commitment to providing competitive compensation for team members and builds on its comprehensive incentives and benefits packages to recruit and retain the best talent.

"As a leading North American Bank that supports progress for all, today we are announcing a significant new investment in our people – the best team in banking. We know that caring for our colleagues first allows them to focus on helping our customers make real financial progress," said Ernie (Erminia) Johannson, Group Head, North American Personal & Business Banking, BMO Financial Group. "Our dedicated frontline financial heroes bring BMO's Purpose to life every day, boldly growing the good for our customers and communities."

BMO continues to monitor and will adjust compensation accordingly to align with the shifting banking market. In addition to frequent wage assessments, the company offers a competitive Total Rewards Program that includes robust offerings like quarterly and annual incentives, benefits for full- and part-time colleagues, paid time-off, retirement and wellness programs, and tuition reimbursement. BMO is also dedicated to the professional advancement and development of its team and offers programs that facilitate personal career development and provide pathways toward leadership roles.

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$1.04 trillion as of April 30, 2022.

Media contact: Lucas Seiler, BMO Harris Bank, Chicago, lucas.seiler@bmo.com 312-931-5351

View original content:https://www.prnewswire.com/news-releases/bmo-harris-bank-announces-minimum-base-pay-increase-bringing-hourly-pay-to-20-301583460.html

SOURCE BMO Financial Group

FAQ

What is the new minimum wage for BMO employees as of August 2022?

BMO Harris Bank announced that its new minimum hourly wage will be $20 starting August 7, 2022.

When was the last minimum pay increase before this announcement by BMO?

The last minimum pay increase was to $18 per hour in October 2021.

What additional pay raise did BMO employees receive in June 2022?

In June 2022, BMO raised base pay by 3% for most of its employees.

How does BMO support its employees beyond wage increases?

BMO offers a comprehensive Total Rewards Program, including incentives, benefits, and career development opportunities.